44 7Th St

Berlin, NH 03570

$199,000B

3 bd · 2.0 ba · 1,938 sqft · Built 1900 · SingleFamily · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,800/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$0
• Vac / Maint / Mgmt: −$588
• Net cashflow: $837/mo
• Annual: $10,041/yr
• Cap rate: 11.34%
• Cash-on-cash: 18.02%
• DSCR: 1.80
• 1% rule: 1.41%
• Cash to close: $55,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $199k. Condition is rated fair.
• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• It's been on market 118 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: amenities F, commute F, employment F.
• Berlin School District (town): math 24% / reading 30% proficiency, ranked #91 of 98 in NH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Berlin Elementary School (math 35% / reading 33%, grade F, #188 of 263 statewide, top 71%, 422 students, 62% FRL); Berlin Middle School (math 14% / reading 27%, grade F, #88 of 96 statewide, top 93%, 220 students, 47% FRL); Berlin Senior High School (math 27% / reading 32%, grade F, #82 of 90 statewide, top 91%, 368 students, 39% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.3% vs local median 7.1% in Berlin — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and could benefit from repainting.
• Moderate: Windows — May need cleaning or replacement for better curb appeal.
• Minor: Paint — Some areas may show signs of wear, but not severe enough to require immediate attention.
• Minor: Landscaping — Overgrown areas and lack of curb appeal could be improved with some landscaping work.
• Minor: Kitchen appliances — Standard appliances, but may need updating for a more modern look.
• Minor: Bathroom fixtures — Standard fixtures, but may need updating for a more modern look.